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Cablevision Systems Corporation Reports First Quarter 2012 Results

Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the first quarter ended March 31, 2012.

First quarter consolidated net revenues grew 0.2% to $1.659 billion, consolidated adjusted operating cash flow (“AOCF”) 1 decreased 7.6% to $513.5 million and consolidated operating income declined 16.0% to $250.1 million, all compared with the prior year period.

Operating highlights for the first quarter 2012 include:
  • Basic video customer additions of 7,000, including the largest quarterly increase in our NY metro service area since the second quarter of 2008.
  • High-Speed Data and Voice customer additions of 41,800 and 42,400, respectively.
  • Average Monthly Revenue per Basic Video Customer (“RPS”) of $152.53, an increase of $2.78 or 1.9% compared to the prior year period.

Cablevision President and CEO James L. Dolan commented, "Cablevision has had a solid start to the year. We have improved subscriber metrics across video, high-speed data and voice. Our customers are responding positively to our ongoing efforts to expand and improve the products we offer, such as the recent introduction of our Optimum app for laptops as well as our continued investment in WiFi. Finally, we are making changes in the level of service and communication we provide to our customers to strengthen our relationships with them. We firmly believe that these investments will benefit the company and deliver greater value to our shareholders over the long term."

  See definition of AOCF and Consolidated Free Cash Flow from Continuing Operations included in the discussion of non-GAAP financial measures on page 3 of this earnings release.

Telecommunications Services – Cable Television and Lightpath Telecommunications Services includes Cable Television – Cablevision’s video, high-speed data, and voice residential and commercial services offered over its cable infrastructure -- and its “Optimum Lightpath” branded commercial data and voice services.

Telecommunications Services net revenues for the first quarter 2012 rose 0.3% to $1.563 billion, AOCF decreased 7.7% to $567.1 million and operating income decreased 14.3% to $322.6 million, all compared with the prior year period.

Cable Television
Cable Television first quarter 2012 net revenues increased 0.1% to $1.489 billion principally due to continued growth of data and phone customers, which was offset by fewer video customers than the prior year period. AOCF decreased 8.2% to $534.3 million and operating income decreased 14.6% to $312.0 million, all compared with the prior year period. First quarter 2012 AOCF results reflect modest revenue growth more than offset by higher operating expenses, primarily programming costs.
The following table illustrates the change in the Cable Television customer base during the first quarter of 2012:

Customer Data

(rounded to nearest thousand)

December 31, 2011  

Net Gain/(Loss)
  March 31, 2012
Total Customers (a) 3,611 17 3,628
Video 3,250 7 3,257
High-Speed Data 2,965 42 3,007
Voice Customers 2,357 42 2,399
Serviceable Passings 5,584   12   5,596
                            (a)   Total customers are defined as the number of households/businesses that receive at least one of the Company's services.

Optimum Lightpath
For first quarter 2012, Optimum Lightpath net revenues increased 2.9% to $79.5 million, AOCF increased 0.7% to $32.7 million and operating income decreased 2.7% to $10.6 million, each as compared to the prior year period. First quarter results reflect an 11.1% increase in revenue from Ethernet services and higher operating expenses.

Other Other primarily consists of Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas, Cablevision Media Sales Corporation and unallocated corporate general and administrative costs.

First quarter 2012 net revenues decreased 0.6% to $101.0 million, AOCF deficit improved by 9.1% to a deficit of $53.5 million and operating loss improved 7.7% to a loss of $72.5 million all compared with the prior year period. First quarter results reflect the decline of advertising revenues at Newsday partially offset by lower corporate costs.

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